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BRIEF- Australian Competition And Consumer Commission opposes GPC Asia Pacific's proposed acquisition of COVS parts business from Automotive Group

Published 17/12/2015, 09:30 am
© Reuters. BRIEF- Australian Competition And Consumer Commission opposes GPC Asia Pacific's proposed acquisition of COVS parts business from Automotive Group
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Dec 17 (Reuters) - Australian Competition And Consumer Commission :

* Australian Competition And Consumer Commission opposes GPC's proposed acquisition of COVS parts AHG.AX

* ACCC decided not to clear proposed acquisition by GPC Asia pacific Pty Limited of COVS parts business from Automotive Group Holdings Ltd AHG.AX

* ACCC intends to issue a public competition assessment in due course

* ACCC - "removal of COVS parts would likely result in a substantial lessening of competition"

* ACCC -"made inquiries with a range of interested parties"

* ACCC - "trade customers such as mechanic workshops have raised concerns that proposed acquisition would result in GPC acquiring its closest competitor"

* ACCC- "market inquiries indicated that trade customers are heavily reliant on GPC and COVS parts for their supply of Automotive parts"

* ACCC - "received market feedback about potential for combined GPC/COVS parts business to raise the trade prices of Automotive parts"

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